More about Anna DeSimone
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
Blog Posts by Anna DeSimone:
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Veteran’s Administration Announces New Appraisal Review Requirements
By Anna DeSimone June 12, 2015, the U.S. Department of Veterans Affairs (VA) issued CIRC. 26-15-12: New Appraisal Review Requirements and Instructions Regarding Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers. Please refer to the attached Diagram: Exhibit to Circular 26-15-12 […]
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Fannie Mae Updates Servicing Guide
By Anna DeSimone June 10, 2015, Fannie Mae issued Ann. SVC-2015-09: Servicing Guide Updates. The Servicing Guide has been updated to include the following: Introduction to New Fannie Mae Custodial Document Reconciliation Requirements Updates to Requirements Related to Adverse Action Updates to Fannie Mae’s Investor Reporting Manual Extension of Fannie Mae HAMP/2MP and Elimination of […]
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State of Washington Enacts Substitute Senate Bill 5299
By Marlana Melendez, J.D.DefinitionsTo prevent ambiguity, the statute lists definitions that are to be applied to the remaining sections. More details on the specific language used for each definition can be found in the statute. Escrow AgentsUnder Section 1 of the foregoing statute, a person must not engage in business as an escrow agent by […]
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Minnesota Modifies Provisions Regarding Mortgage Foreclosure, Commerce and Notary Public Fees
By Lee Greenberg, J.D. June 2, 2015 The state of Minnesota recently modified provisions regarding mortgage foreclosure, commerce and notary public fees.Modified Provisions Regarding Mortgage Foreclosure Minnesota modified its provisions relating to mortgage foreclosure by amending the definition of a small servicer and clarifying the Foreclosure Curative Act in House Bill 2213. The legislation is […]
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Fannie Mae Updates Prior to Closing Debt Payoff, Clarifies Asset Verification and Other Rules
May 26, 2015, Fannie Mae issued Ann. SEL-2015-06: Selling Guide and Other Updates. The Selling Guide has been updated for the following: • Payoff of Revolving Debt At or Prior to Closing • Extension of DU Refi Plus™ and Refi Plus™ • Manufactured Housing Affidavit of Affixture • Clarification of CLTV and HCLTV Ratio Requirements for Project Reviews on […]
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CFPB Issues Letter to Congress to Allow Enforcement Grace Period
On May 20 2015, a letter was sent by Congress to Richard Cordray, Director of the Consumer Financial Protection Bureau, asking for the grace period through the end of 2015, claiming the industry was not prepared for the rule’s implementation. The letter was signed by 255 Members of Congress. To read the letter and see […]
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Utah Enacts and Amends Reverse Mortgage Act
By Marlana Melendez, J.D.The Legislature of the state of Utah recently enacted its Reverse Mortgage Act. This act enacts and amends provisions relating to Reverse Mortgages (RM). Some of the highlighted provisions define key terms, provide requirements for reverse mortgages including disclosures, addresses loan proceeds, priority, foreclosure, and lender default. Additionally, the act was amended […]
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CFPB Releases Updated Mortgage Origination Examination Procedures
By Anna DeSimoneMay 4, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to the bureau’s Mortgage Origination examination procedures. The update offers financial institutions and other industry participants valuable guidance on how the CFPB will conduct examinations for compliance with the TILA-RESPA Integrated Disclosure Rule which will become effective August 1, 2015. The […]
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OCC Issues Revised Interagency Examination Procedures for Consumer Compliance
By Anna DeSimoneMay 1, 2015 the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2015-27 announcing Revised Interagency Examination Procedures for Consumer Compliance. The bulletin is addressed to: National Banks, Federal Savings Associations and Federal Branches and Agencies. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently […]
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Federal Reserve Issues New Examination Procedures for RESPA and TIL
By Anne DeSimoneApril 30, 2015, The Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs issued Bulletin CA 15-3 announcing the Revised Interagency Examination Procedures for Regulation Z and Regulation X. Applicability to Community Banking Organizations: This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets […]